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Review $35B 7Y Auction, Tail


Tsys pare gains after $35B 7Y note auction (91282CFY2) tail: 3.890% high yield vs. 3.862% WI; 2.33x bid-to-cover vs. 2.43x last month.

  • Indirect take-up slips to 61.89% vs. 63.17% prior; Direct take-up: 16.57% vs. 22.72% prior; Primary dealer take-up climbs to 21.35% vs. 14.11% prior auction.
  • The next 7Y auction is tentatively scheduled for December 29.

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